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Assistance for Firms Harmed by Tariffs on Exports Act

12/31/2022, 8:59 AM

Summary of Bill HR 5289

Bill 117 hr 5289, also known as the Assistance for Firms Harmed by Tariffs on Exports Act, aims to provide financial assistance to businesses that have been negatively impacted by tariffs on exports. The bill recognizes that tariffs imposed on exports can have a detrimental effect on businesses, particularly small and medium-sized enterprises.

The Assistance for Firms Harmed by Tariffs on Exports Act establishes a fund that will provide grants to eligible businesses to help offset the financial losses incurred as a result of tariffs. These grants can be used for a variety of purposes, such as covering the costs of retooling production processes, finding new markets for exports, or investing in new technologies to remain competitive in the global market.

In order to qualify for assistance under this bill, businesses must demonstrate that they have experienced a significant negative impact from tariffs on exports. They must also submit a detailed plan outlining how they intend to use the grant funds to mitigate the effects of the tariffs and improve their business operations. The Assistance for Firms Harmed by Tariffs on Exports Act is designed to provide much-needed support to businesses that have been adversely affected by tariffs on exports. By helping these businesses weather the financial challenges posed by tariffs, the bill aims to protect American jobs and promote economic growth in the face of increasing global trade tensions.

Congressional Summary of HR 5289

Assistance for Firms Harmed by Tariffs on Exports Act

This bill expands the authority of the Department of Commerce to provide trade adjustment assistance (i.e., assistance provided to companies that are adversely affected by competing imported goods and services) to firms.

Specifically, Commerce may provide such assistance to a firm that has experienced a decrease in the export of the firm's articles or services as a result of tariffs imposed on such exports by a foreign country in response to U.S. tariffs imposed on the imports of that country. Such decrease must have contributed importantly to a decline in sales or production.

Under current law, Commerce may only provide such assistance to a firm upon a determination that increases of imports of articles or services like or directly competitive with the firm's articles or services contributed importantly to a decline in sales or production.

Read the Full Bill

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Current Status of Bill HR 5289

Bill HR 5289 is currently in the status of Bill Introduced since September 17, 2021. Bill HR 5289 was introduced during Congress 117 and was introduced to the House on September 17, 2021.  Bill HR 5289's most recent activity was Referred to the Subcommittee on Trade. as of September 17, 2021

Bipartisan Support of Bill HR 5289

Total Number of Sponsors
1
Democrat Sponsors
1
Republican Sponsors
0
Unaffiliated Sponsors
0
Total Number of Cosponsors
0
Democrat Cosponsors
0
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 5289

Primary Policy Focus

Foreign Trade and International Finance

Alternate Title(s) of Bill HR 5289

To amend the Trade Act of 1974 to provide adjustment assistance to firms adversely affected by reduced exports resulting from tariffs imposed as retaliation for United States tariff increases, and for other purposes.
Assistance for Firms Harmed by Tariffs on Exports Act
Assistance for Firms Harmed by Tariffs on Exports Act

Comments

Sponsors and Cosponsors of HR 5289

Bradley Scott Schneider
Bradley Scott Schneider
IllinoisDemocrat

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